French banking giant BNP Paribas has completed the acquisition of Indian retail brokerage firm Sharekhan, after receiving approvals from all relevant regulatory bodies.

The transaction, which was first announced in July 2015, was rejected by the Foreign Investment Promotion Board in June this year, but approved it in October.

Sharekhan, which was founded in 2000 by Mumbai-based entrepreneur Shripal Morakhia, has now become a subsidiary of BNP Paribas. It has joined BNP Paribas’ digital banking and investment services business — Personal Investors that serves 2.9 million individual in India, Germany, Austria and Spain.

BNP Paribas global head of personal investors Beatrice Cossa aDumurgier said: "With the completion of this acquisition, we are pleased to welcome colleagues and clients of Sharekhan into our group. We will work towards making Sharekhan the preferred savings and investment partner for individual customers in India."

Also, Sharekhan’s CEO Tarun Shah has announced his retirement. Jaideep Arora, who is a director at Sharekhan, has been appointed as the new CEO with immediate effect.